Warby Parker (NYSE:WRBY) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Warby Parker's stock rating has been upgraded from "hold" to "buy" by Wall Street Zen as of Saturday, indicating increased optimism among equities researchers.
• Eleven analysts have rated Warby Parker as a "buy," while the average price target for the stock is $24.06, reflecting a potential upside from its current trading price of approximately $26.16.
• Insider activities show that CEO Neil Harris Blumenthal sold 50,000 shares, reducing his holdings by approximately 63.82%, which may raise questions among investors regarding management's confidence in the company.

Warby Parker (NYSE:WRBY - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

A number of other analysts also recently commented on the company. Cowen reissued a "buy" rating on shares of Warby Parker in a research note on Friday, August 8th. UBS Group reiterated a "neutral" rating and issued a $23.00 price target (up from $20.00) on shares of Warby Parker in a research report on Friday, August 8th. BTIG Research reissued a "buy" rating and issued a $28.00 price target (up from $24.00) on shares of Warby Parker in a report on Thursday, August 7th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $28.00 price objective on shares of Warby Parker in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group boosted their target price on shares of Warby Parker from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Warby Parker presently has an average rating of "Moderate Buy" and an average price target of $24.06.

Warby Parker Trading Down 1.3%

NYSE:WRBY traded down $0.33 during midday trading on Friday, hitting $25.22. 380,468 shares of the stock were exchanged, compared to its average volume of 2,183,897. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -360.48 and a beta of 2.10. Warby Parker has a one year low of $12.69 and a one year high of $29.73. The business has a 50-day moving average price of $24.17 and a two-hundred day moving average price of $21.01.

Insider Activity at Warby Parker

In other news, Director Teresa Briggs sold 6,000 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $23.56, for a total transaction of $141,360.00. Following the transaction, the director directly owned 44,879 shares in the company, valued at $1,057,349.24. The trade was a 11.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Neil Harris Blumenthal sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $25.11, for a total transaction of $1,255,500.00. Following the transaction, the chief executive officer directly owned 28,347 shares in the company, valued at approximately $711,793.17. The trade was a 63.82% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,000 shares of company stock worth $2,607,280. Company insiders own 18.24% of the company's stock.

Institutional Trading of Warby Parker

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System bought a new position in Warby Parker during the 1st quarter valued at about $27,000. NewEdge Advisors LLC boosted its holdings in shares of Warby Parker by 700.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,200 shares of the company's stock worth $29,000 after acquiring an additional 1,050 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Warby Parker by 400.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,601 shares of the company's stock worth $35,000 after acquiring an additional 1,281 shares in the last quarter. Huntington National Bank grew its position in Warby Parker by 111.0% during the 2nd quarter. Huntington National Bank now owns 1,675 shares of the company's stock worth $37,000 after acquiring an additional 881 shares during the last quarter. Finally, Comerica Bank increased its holdings in Warby Parker by 153.1% during the 4th quarter. Comerica Bank now owns 2,291 shares of the company's stock valued at $55,000 after purchasing an additional 1,386 shares in the last quarter. Institutional investors and hedge funds own 93.24% of the company's stock.

Warby Parker Company Profile

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.